Share
Explore BrainMass

Tracking competition internal innovations strategic leaders

#1 What are the pros and cons of internal innovation versus acquiring core competencies to a firm?

#2 Are there any risks involved in NOT tracking global competition to a company? Explain.

#3 How does a strategic leader develop and articulate a compelling vision? Use examples from your CEO or research some industry leaders.

Solution Preview

#1 What are the pros and cons of internal innovation versus acquiring core competencies to a firm?
Internal innovation is usually preferable to companies that have R&D or are looking to grow in the world of business. Having the internal innovations means a company owns the knowledge and systems along with the licenses and patents involved. This can lead to new innovations and income from ownership. Knowledge is also a big part of the keys to a successful business. A company can buy innovation, but the costs are usually very high and the company will pay for specifics and not the entire innovation. Some company innovations are for solutions only.
The cons would range from purchasing from other companies can get expensive to the offering of internal innovations and contract negotiations can also be expensive. Compensation of those creating internal innovations is a delicate process and the management of such people must be as well. ...

Solution Summary

Discussions on the advantages of internal innovations, keeping track of global competition, and another discussion on strategic leaders and their visions.

$2.19